Fabrizio Ravanelli said he would "bend over backward" to reappoint former Italy head coach Antonio Conte following Gian Piero Ventura's sacking.
The Italian Football Federation (FIGC) confirmed Ventura's dismissal on Wednesday after Italy failed to qualify for the World Cup for the first time since 1958.
Italy's streak of 14 consecutive World Cup appearances came to an end following Monday's goalless draw against Sweden in Milan as the Scandinavians triumphed 1-0 on aggregate.
The FIGC said it will consider "important names" to replace Ventura and former Italy international Ravanelli insisted the country must turn to Chelsea's Conte, who left the role last year having reached the Euro 2016 quarter-finals.